MPT Rating (03 Bearish)

12. June 2008 by admin.

Thursday, June 12th, 2008; MPT Rating (03 Bearish) 

The markets attempt to reverse course today, but there are still stocks in need of further selling so I would not hold my breath.  Bottom timing is a waste of time in my opinion – you can get close but waiting for the exact bottom is not something we recommend.  There are quality opportunities in this pullback and those are the opportunities investors and traders should be focused on.

The DJIA; closed up 57 points and today’s candlestick formation, though an inverted hammer, is after a major pullback and this shows the market is trying to stage a reversal… closing in the green was a good sign for the day, but I would not expect everything to be chocolate and roses from here on out… the market needs an up catalyst and with out that the upside will be lack luster short-term; I would keep my eye on the upcoming FED meeting and the second quarter earnings on the horizon.

The NASDAQ; closed up 10 points for the day, and though we have had a bit of a pullback before today’s inverted hammer formation on the chart, I still have a real problem with those two gaps in need of being filled on that chart and I do not think we’ll see an end to this market selling off until those gaps get filled.

Today’s MPT (Market Power Trend) Rating, which tells us what “Smart Money” is doing in the market came in at (03) and this bearish indicator confirms more selling is likely in store for the markets, but again I have to tell you this is a buy opportunity… Never play the market based on what it is doing now… anticipate the next move and take advantage of the opportunities at hand.

As always I recommend investors and traders, be smart, patient, and ever successful.

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